www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Beijing, Seoul agree to directly trade currencies

By Wu Jiao in Seoul and Gao Changxin in Shanghai (China Daily) Updated: 2014-07-04 03:13

Beijing, Seoul agree to directly trade currencies
A staff member of the Korea Exchange Bank shows yuan banknotes to reporters during a work process briefing last week. With the rapidly increasing trade exchange between the two countries, China and South Korea plan to directly trade their currencies. [Photo/Xinhua]

China and South Korea plan to directly trade their currencies, marking a step forward in the renminbi's internationalization.

The announcement came in a joint statement from the Chinese and South Korean governments during President Xi Jinping's visit to South Korea on Thursday.

Beijing, Seoul agree to directly trade currencies

An RMB clearing facility is expected to be set up in Seoul to further boost yuan trading in the country, where deposits of the Chinese currency have surged this year.

The statement didn't specify when the two plans will be implemented.

An agreement will mark the success of months of negotiations between the two countries to provide a marketplace where the yuan and the South Korean won can be transacted directly without relying on the US dollar.

According to the statement, South Korea will also be given an 80 billion yuan ($12.9 billion) quota under China's Qualified Foreign Institutional Investor system, which allows foreign fund managers to invest in Chinese financial markets using the yuan.

As of May, South Korea had $11.3 billion worth of yuan deposits, up by 70 percent from the start of the year, making the yuan the second-largest foreign currency deposit in the country after the US dollar.

Direct yuan-to-won trading will mitigate exchange-rate risks and help bilateral trade grow in a more stable and predictable way, said Tu Xinquan, a professor at the University of International Business and Economics in Beijing.

China has been South Korea's biggest trading partner since 2004, with about 25 percent of South Korea's exports in the past six months going to China.

China and South Korea already have a currency swap line in place. The Chinese central bank activated the line for the first time on May 30, when it took 400 million won ($396,000) from its South Korean counterpart and lent to a Chinese lender. The lender then used the fund to finance imports of South Korean goods.

Analysts said the action underscores the two sides'strengthening financial relationship and the huge demand for direct currency trading.

To reduce its reliance on the US dollar and promote the yuan's globalization, China has started direct trading between the yuan and a slew of currencies in recent years, including the British pound, Japanese yen, Russian rouble and New Zealand dollar.

Since 2009, the Chinese central bank has also established currency swap lines with 23 foreign central banks, with a total amount of up to 2.5 trillion yuan, and has set up yuan clearing facilities in other countries, including Britain and Germany.

Beijing, Seoul agree to directly trade currencies

FTA expected this year

Beijing, Seoul agree to directly trade currencies

Top 10 S. Korean companies operating in China?

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 高清一区二区 | 草草伊人| 分享一个无毒不卡免费国产 | 成人高清毛片a | 国内精品免费一区二区三区 | 日韩欧美视频一区二区在线观看 | 亚洲天堂色视频 | 97视频免费播放观看在线视频 | 在线观看 国产 | 曰本一区 | 亚洲国产一区二区三区最新 | 在线观看亚洲人成网站 | 精品丝袜国产自在线拍亚洲 | 美国第一毛片 | 欧产日产国产精品精品 | 久久欧美精品欧美九久欧美 | 精品热99| 美女黄色在线网站大全 | 亚洲成人免费视频在线 | 国产美女动态免费视频 | 久久久久久久久毛片精品 | 亚洲人成网站观看在线播放 | 手机在线一区二区三区 | 久久精品国产只有精品6 | 日韩视频在线观看 | 欧美亚洲第一区 | 精品日韩一区二区三区 | 亚洲欧美精品一区天堂久久 | 99精品免费久久久久久久久日本 | 99精品在线播放 | 国产高清a毛片在线看 | 国产自一区 | 鲁老汉精品视频在线观看 | 亚洲精品一区二区不卡 | 黄色毛片免费在线观看 | 亚洲精品色综合色在线观看 | 色综合天天综合网看在线影院 | 亚洲美女一级片 | 亚洲国产精品一区二区三区久久 | 欧美日韩亚洲高清不卡一区二区三区 | 欧美成人日韩 |